Summary
Oil prices fell sharply for the second straight day on Tuesday, dipping below $70 a barrel as Tropical Storm Ernesto veered away from the oil and gas region of the Gulf of Mexico. "A lot of people were banking on an active tropical (storm) season and so far it has been nonexistent in relation to platforms in the Gulf of Mexico," said James Cordier, president of Liberty Trading in Tampa, Fla. With economic growth slowing and U.S. crude supplies plentiful, "we're running out of reasons to buy," Cordier added. The average retail price of gasoline nationwide has fallen by nearly 20 cents over the past three weeks to $2.85 a gallon.
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Oil Prices Fall Below $70
Federal investigators are reportedly looking into whether BP PLC manipulated crude-oil and gasoline markets, the latest in a string of inquiries into the British oil company. A company spokesman confirmed BP is cooperating with U.S. authorities, but gave no details. The U.S. Commodity F...
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